How can salaried professionals obtain a personal loan for an MBA

Learn how to get a personal loan for an MBA while working full-time.
How can salaried professionals obtain a personal loan for an MBA
5 min read
08 May 2023

Getting an MBA is an effective way to advance in your career and boost your current salary. Your skills and expertise can be honed and sharpened with an MBA. However, the cost of upskilling with an MBA is so high that you may require credit to cover those costs.

Fortunately, there are many funding options accessible, and with proper planning and research, it is feasible to obtain a loan for an MBA while working. Personal loans are a good option for employed individuals who need money for higher education. You can use the loan amount for expenses like tuition fees, books, and living expenses.

Points to remember before applying for a personal loan for an MBA:

Research MBA financing options

The first step to getting a personal loan for an MBA while working is to investigate the various financing alternatives available and pick a lender that best meets your requirements. Each option has its own terms, interest rates, and repayment tenures. It is important to know the details of each option so you can choose the one that works best for you.

Maintain good CIBIL Score

Your credit score is one of the most significant factors that influences your chances of approval for a personal loan and what interest rate is charged to you. Your CIBIL Score is determined by your credit history, which includes your past payment records, outstanding debt, credit history period, and other factors. In general, the better your credit score, the lower your interest rate will be. In most cases, a credit score of 685 or higher makes you eligible for a personal loan.

Meet the lender’s eligibility criteria

The next step is to make sure you meet the lender's eligibility requirements after selecting the personal loan for your MBA. Before applying for a loan, it is crucial to be aware of the eligibility criteria the lender has.

Anyone can apply for a Bajaj Finserv Personal Loan if they meet the basic criteria mentioned below.

  • Nationality: India
  • Age: 21 years to 80 years*
  • Employed with: Public, private, or MNC
  • CIBIL score: 685 or higher
  • Monthly salary: Starting Rs. 25,001, based on the city you live in

*You should be 80 years* or younger, at the end of the loan tenure.

Provide the necessary documents

The last step is to gather all the documentation needed to submit a personal loan application.

Each lender has different requirements, here are a few documents required to apply for a Bajaj Finserv Personal Loan:

Documents required

  • KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months

How to apply for a personal loan for an MBA?

Here is a step-by-step guide on how to obtain a Bajaj Finserv Personal Loan for MBA:

  • Click here to go to our personal loan page
  • Now click on ‘APPLY’ at the top of the page to access our online application form
  • Enter your 10-digit mobile number and verify the OTP that was sent to your phone
  • Fill out the form with your full name, PAN card, date of birth, and PIN code
  • Now, click "PROCEED" to choose a loan
  • Type in the amount you want to borrow. Also, you can choose between our Term, Flexi Term, and Flexi Hybrid Loans.
  • Choose the tenure between 6 months and 96 months
  • Then click "PROCEED"
  • Fill out your KYC information and submit your application.

Our representative will direct you through the further steps. After your documents have been verified, the loan amount will be transferred to your bank account.

An MBA can be a worthwhile investment in your career, but it can also be costly. Professionals who are employed and want to pursue funding may find the Bajaj Finserv Personal Loan to be an excellent choice. Our personal loan is a practical and effective way to pay for your MBA as you can get a loan of up to Rs. 40 lakh with flexible repayment terms ranging from 6 months to 96 months and the money being disbursed within 24 hours* of approval.

You can also use the personal loan EMI calculator to rapidly determine the monthly EMI payment for your loan. Your monthly instalment can be calculated by entering only three fields: the desired loan amount, the payback period, and the personal loan interest rates. The EMI amount and tenure can be changed to better suit your repayment capability. The monthly EMIs will decrease with longer tenure and vice versa. When calculating your monthly EMIs, the calculator also shows the breakdown of the principal and interest amount.

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*Terms and conditions apply